Gold loses Rs 85, silver Rs 100 on weak global cues

New Delhi, Jul 18: Both gold and silver declined marginally in the bullion market here today due to sluggish demand amid a weak global trend. While gold fell by Rs 85 to Rs 29,685 per 10 grams, silver lost Rs 100 to Rs 52,400 per kg.

Traders said sentiment turned bearish as gold fell in global markets. In Singapore, gold lost 0.4 per cent to USD 1,577.53 an ounce, silver fell by 0.6 per cent to USD 27.16 an ounce. Reduced offtake in domestic markets at existing higher levels also influenced the prices, they added.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 85 each to Rs 29,685 and Rs 29,485 per 10 grams, respectively. Sovereigns followed suit and shed Rs 50 to Rs 24,350 per piece of eight grams.

Silver ready declined by Rs 100 to Rs 52,400 per kg and weekly-based delivery by Rs 145 to Rs 52,725 per kg. Silver coins held steady at Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces.